Why Should I Get Pre-Approved Before Shopping For a Home

By
Real Estate Agent with Long and Foster Real Estate

why get preapproved


Why Should I Get Pre-Approved
Before Shopping For a Home?

 

 5 Things to Consider Before You "Go Buy"...

  1. Going house shopping? In today’s market seeing homes without loan approval may cause some issues. Sellers will often ask if a buyer is preapproved before allowing a showing of their home.

    For each showing, sellers have to up root their family, pets, etc. They have to clean and find something to do during the showing.

    Sellers want to make sure that a buyer has loan approval or has been through the preapproval process before going through all of these inconveniences to show their home.

  2. Online mortgage calculators are notoriously inaccurate and often set wrong expectations. You may be looking in the wrong price range: Too Low you might be disappointed...Too High you’ll definitely be disappointed!
  3. Before you go shopping for a home getting a credit check and free credit score analysis will position you for the best products, rates and the lowest cost. It’s always best to know what is on your credit report and understand its impact on your ability to buy. If there is something that needs to be corrected and you cannot buy right now, we can assist in helping you improve your credit standing.
  4. Untie the knot of mortgage confusion. We provide a First Time Home Buyers’ education program. Knowledge is key in an ever changing market. Part of any approval process should be education. “What makes up a payment?” “How much down payment money do I need?” “How much can I afford?” We answer all of these questions and more. Our goal is to make you feel comfortable.
  5. Your goals and your budget are tremendously important components of the home buying process. We can help you set up budget and savings goals, examine loan benefits and explore other financial considerations with you.
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Pennsylvania Delaware County Wayne
Groups:
Active Rain Newbies
HyperLocal Neighborhood and Community Posts
Local Expert
Posts to Localism
WeBlog Anything (almost)!
Tags:
why should i get preapproved before shopping for a home
home loan preapproval
house shopping
mortgage approval

Spam prevention
Show All Comments
Rainer
159,259
Sam Chapman
Lakeway, TX

I had cliets looking at Dripping Springs homes last month and they were not pre-approved.  We found a home they loved and I referred them to my favorite lender.  It was late Sunday afternoon and she was getting off the lake, but she had a pre-approval letter ready the following morning.

Jul 24, 2011 06:29 AM #1
Rainer
35,971
Joanne Louise Stevens
Keller Williams Realty Los Angeles-Brentwood - Los Angeles, CA
Realtor - Serving Brentwood and Surrounding Cities
I have a friend who wanted to buy in Henderson, Nevada. I submitted a referral. He was contacted by a realtor from that area. He was told to get preapproved. He refused. A representative from my relocation department informed me that the realtor no longer wanted to work with my client. I've known my friend for 7 years. He can be stubborn. I told the relocation department to transfer the referral to another agent. My friend connected with the new agent. For three days, she drove him around and showed him many properties. He returned to California, got preapproved, made an offer and is now in escrow. It depends on the person and their motivation to buy a property. I do know that he is private about his affairs.
Jul 24, 2011 09:44 AM #2
Rainmaker
638,077
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

With all due respect to Joanne, I find that driving people around who are not pre-approved is an exercise in futility.  First of all, we don't know what price range that can purchase in, and second of all, not every client is approved immediately.  Some have some homework to do before they get the magic approval. 

So, no approval....no showings for me.  Been there, done that.  Waste of my time. 

Mar 25, 2012 04:33 AM #3
Rainmaker
710,655
Erika Rogers
Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage - Saint George, UT
St George Utah Real Estate & Relocation Specialist

Very well said Laurie. Great tips on what to consider before buying a home. Keep it up!

Jan 02, 2013 10:16 PM #4
Rainmaker
321,791
Debbie Harr
Homes that Click Realtors - Columbus, OH
Realtor Homes That Click, Worthington Ohio Homes

Awesome tips Laurie. These really need to be considered before shopping. Great post. Keep it up!

Jan 03, 2013 05:51 AM #5
Rainer
25,706
Debra Parker
Debra Parker Real Estate, Inc. - Stuart, FL
Realtor - Stuart Florida Homes for Sale

Thanks for sharing these great tips Laurie. Buyers will sure benefit from it. Well done! Stay the best!

Jan 03, 2013 07:07 AM #6
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
37,389

Laurie Matthias

Realtor, Residential Real Estate Professional
Ask me a question
*
*
*
*

Additional Information